The ex-CEO of the IL&FS firm, has been arrested in a Rs 1 lakh crore scam.

Key sentence:

• Parthasarthy will stay in police guardianship for the following 15 days.
• EOW has captured Mr Ravi Parthasarathy regarding Crime No.13 of 2020, dated 20.09.2020

Infrastructure Leasing and Financial ServThe Chennai Police’s Economic Offenses Wing (EOW) today captured previous ices (IL&FS) bunch boss Ravi Partharasarathy in the supposed Rs 1-lakh crore trick. 

“The head boss and the brains of the 1 lakh crore IL&FS trick Mr Ravi Parthasarathy has been captured by EOW regarding Crime No.13 of 2020 dated 20.09.2020,” said a proclamation gave by EOW Chennai. 

Parthasarthy will stay in police guardianship for the following 15 days, and his bail request will come in the mood for hearing on June 14, EOW DSP Prakash Babu told news office IANS. 

The EOW proclamation said Parthasarathy was going the IL&FS bunch that included more than 350 gathering firms, and they were channelised to as a “vehicle to execute misrepresentation”. 

He’s blamed for enjoying extortion that hurt the interests of the organization, investors and banks. 

63 Moons Technologies Ltd lost Rs 200 crore in the extortion, and different contributors had stopped an FIR against Parthasarathy and others for the situation in September 2020. The police made a move against him. 

He had even applied for an expectant bail, which was dismissed by the Madras High Court prior. 

“Wronged contributors and financial backers of ITNL can advance their cases to EOW,” the EOW said. The IL&FS emergency had first shown up in July 2018 after the organization defaulted on a progression of obligation commitments because of a liquidity emergency. 

Around then, IL&FS had resources worth more than Rs 1.15-lakh crore. In August 2018, IL&FS had imploded as it defaulted on bonds. Parthasarathy had been working with IL&FS for as long as 30 years before he left in 2018. 

The Government of India (GoI), in its request against Parthasarathy, had said: “Ravi Parthasarathy and his group were answerable for the carelessness, ineptitude and deceiving people in general by introducing and driving the general population by introducing ruddy monetary states. 

IL&FS was disguising its budget reports by concealing a serious bungle between its instalment commitments. I was additionally concealing complete absence of liquidity and glaring unfriendly monetary proportions.” 

As of March 2018, it owed above Rs 90,000 crore to banks and different leasers. The public authority in October 2018 supplanted the leading body of IL&FS and designated another board, with famous financier Uday Kotak as its lead director.